A status, on an Opportunity or Problem, is used to track its progress through certain steps from start to finish. These statuses can be set to have a Task required, which means that a user of the CRM has to take ownership of the record. 

To change a status, simply open the required record, in the example below we are on an Opportunity, and select the 'Current Status' option. 

This will give you a list of all the available statuses to choose from. Simply select the required one. 

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